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ZANI-KODO 2Moz Gold Project in Highly Prospective Region ④ SEMHKAT Large Copper Exploration Package in the Copper Belt 3 Other Interests

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ZANI-KODO 2Moz Gold Project in Highly Prospective Region ④ SEMHKAT Large Copper Exploration Package in the Copper Belt 3 Other Interests ©2012, Mwana Africa PLC, All Rights Reserved Corporate Presentation Updated November 2012 www.mwanaafrica.com Corporate Overview An African resource company, focused on production, development and exploration of gold, nickel, copper and diamonds Highlights: • London listed pan-African diversified resources company (AIM: MWA) • Exciting exploration and development pipeline backed by production growth and stable cash flows • Strong strategic relationships with China International Mining Group Corporation (CIMGC), Hailiang and Glencore • Strong financial backers with supportive lender (IDC) and shareholders (CIMGC, Landsdowne Capital, Blackrock, JPMorgan and Baker Steel) • Large resource base with over 4Moz of gold, over 300Kt of contained nickel and significant copper exploration potential 1 Our African Presence Our Key Assets Zimbabwe ① FREDA REBECCA GOLD MINE Zimbabwe’s largest producing gold mine (2.3Moz) ② BINDURA NICKEL CORPORATION Africa’s only integrated nickel operation (314kt) DRC ③ ZANI-KODO 2Moz gold project in highly prospective region ④ SEMHKAT Large copper exploration package in the copper belt 3 Other Interests Angola 4 18% free-carried interest in Camafuca, the largest known undeveloped diamond-bearing kimberlite complexes 1 2 Botswana 55% interest in BK16 diamond concession DRC 20% interest in MIBA, diamond mining and exploration titles South Africa Klipspringer kimberlite diamond mine Zimbabwe Further gold and nickel exploration interests in Zimbabwe 2 A Story of Growth 2012 was a transformational year for Mwana Africa 2Moz gold US$33.5m 18,350oz Landmark Trojan Agreement Restart February April June August September Zani-Kodo Gold Finance Secured Freda Rebecca Semhkat Bindura Nickel 2Moz gold US$33.5m Record production Cooperation Rights issue resource subscription and quarter at Freda Agreement and creditor announced placing concluded Rebecca of Cooperation and restructuring and China 18,350oz for Development implemented International Mining September 2012 Agreement signed allowing restart Group Corporation quarter with Hailing of of Trojan Nickel (CIMGC) China Mine welcomed as new 21.7% shareholder 3 Zimbabwe Commodities: Gold and Nickel www.mwanaafrica.com Zimbabwe Key Locations ① ① 5 Freda Rebecca Overview Underground mine in production with a proven operating history and well understood ore body • Over 20 years of production history Resource • 1.68m oz indicated (@2.48g/t) & 0.64m oz inferred (@2.28g/t) and Resource supporting mine life in excess of 15 years Capacity • 2xSAG milling circuits operating (capacity: 100,000t ore per month) Ownership • 85% Mwana Africa and • IDC debt finance facility of US$10m Funding • Cash flow generative • Production restarted in October 2009 • 47,770 oz of gold produced for the 12 months to March 2012 Production • 36,335 oz of gold produced for the 6 months to Sep 2012 • Zimbabwe’s largest producing gold mine • C1 Costs of US$797/oz Q3 2012 (Q2 2012 = US$815/oz) 6 Freda Rebecca Success 7 Freda Rebecca Technical Overview Successful restart by Mwana in 2009 • Underground ore body hosted by two main shear systems • 2.3 Moz Global resource @ 2.47 g/t • Underground access is via ramp systems • Mining method is massive longhole open stoping • LHD loading and dump truck haulage to surface • Primary crushing, SAG milling, gravity and CIP circuit processing approx 100ktpm 8 Bindura Nickel Corporation (BNC) Africa’s only integrated nickel mine, smelter and refinery operation • Trojan deposit discovered 1956; first concentrate production 1964 • Smelter and refinery constructed by Anglo American, first production 1968 • Listed on Zimbabwe Stock Exchange 1971 • Mwana acquires stake in 2003 • Operations are placed on care and maintenance in 2008 • Offtake agreement signed with Glencore in 2011 to sell nickel concentrate • Sep 2012 recapitalisation & restructuring – US$21m invested by Mwana – US$2m invested by local shareholders – US$11.5m liabilities converted to equity • First concentrate production expected in Q2 2013 9 Bindura Nickel Production Process Mines Third party Third party Trojan concentrates matte Refined nickel Shangani * Smelter * Refinery * (14.5kt NI pa production capacity) Pre-dev Copper sulphide and Hunters PGMs Road Cobalt cake * Currently on care and maintenance (C&M) 10 Restarting Trojan Mine • Vertical shaft access; trackless mining • Massives @>3% Ni accessed from late 2005. Forecast LoM average 0.92% • Shaft sunk to level 45 (1,283m) • US$11.8m spent on flotation plant replacement; commissioned in Q4 2008 • Approx. 9% Ni concentrate grade • Trojan has a JORC resource of 45.6kt contained Nickel equating to a 5-yr mine life • Drilling campaign to increase Trojan’s resources has shown positive initial results of 94.0m at 3.14% Ni, 27.7m at 10.63% Ni, 27.0m at 3.50% Ni • Trojan restart project commenced in September 2012 following restructuring. • Target first sale of concentrate in Q2 2013 ramping up to 8,000 t Ni in conc in 2017 2010 Production Levels (917m) 33-0L Massives @ 9.6% TNi 35-0L (978m) 37-0L (1,040m) Exploration & Infill drilling Hanging Wall Ore Body @ 0.62% TNi Main Ore body @ 0.70% TNi 11 BNC Future Potential Potential to develop Hunters Road and restart Shangani mine • Hunters Road has a JORC resource of 200kt contained Ni grading 0.55% mineable from open pit and with water, rail, road and power readily accessible. • Refurbishment of BNC Smelter and Refinery – Likely trigger is Hunters Road development – Provides sufficient concentrate input to operate smelter and refinery efficiently – Captures additional value through production of LME grade A Nickel cathode 12 Democratic Republic of Congo Commodities: Gold, Copper and Diamonds www.mwanaafrica.com Zani-Kodo Gold Exploration 14 Zani-Kodo Overview 5 resource increases since 2008 from 250Koz to 2.0Moz • 1,605km2 in a new gold province, the Ituri region of North East DRC • 80% owned by Mwana Africa, JV with SOKIMO which has a 20% free carry • Historic Kodo mine abandoned due to civil war in 1964, extensive artisanal activity since • Zani-Kodo Trend identified over 9km by geophysics and ground mapping – Drilling commenced in April 2007 – To date 377 holes for 87,921m have been drilled – 3.2km of trend has been drilled Zani-Kodo Mineral Resource Category Grade Gold • 2.0Moz JORC compliant Gold Resource at 2.68 Tonnage Au (g/t) Ounces g/t – Resource includes 1.4m oz at an average grade Indicated 3,543,829 3.94 448,901 of 4.02g/t Inferred 19,745,357 2.45 1,557,265 • Ongoing drilling aimed at identifying additional mineralisation and defining additional resources 15 Zani-Kodo Exploration Plan Exploration Plan • Targeting an additional 1Moz of near surface mineralisation by Q1 2013 • 4 diamond core rigs - Kodo Downdip extension, Gombiri & Lelumodi • Key mineralised intercepts include: • 33.0m at 3.67 g/t Au (KDODD73) • 24.0m at 10.08 g/t Au (KDODD72) • 3.7m at 5.11 g/t Au (ZNSDDO22) • Ongoing soil sampling • Ongoing geological interpretation and wire framing for all areas • Pre-feasibility study commenced Future Options • Continue proving up increased JORC resource • Build a mine • Consider spin-out of a separate gold vehicle • Consider JV options with major partners 16 Kodo Main Ore Zone Cross Section Cross section through Kodo Main ore zone showing presence of basal thrust and secondary splays . 17 SEMHKAT Copper 18 SEMHKAT Base Metal Exploration SEMHKAT holds a 100% interest in 33 exploration licences covering about 4,721 km2 in the Katanga Copper Belt in the southeastern region of the DRC • Exploration has generally focused on the sediment-hosted stratiform copper-cobalt occurrences as well as nickel, lead, zinc and gold occurrences • Hailiang JV over 28 licence areas covering circa 4,145 km2 Exploration Programme To Date • High resolution aeromagnetic and radiometric survey flown over bulk of area (54,000 line km). • 12,000m of drilling at the advanced Kibolwe surface deposit • 5,700m drilling on extensions of Kibolwe • 7,000m drilling at satellite targets within 10km radius of Kibolwe • Area of approximately 1,500km2 covered by soil geochemical sampling • Integrated target generation exercise completed 19 SEMHKAT Hailiang Joint Venture Hailiang Joint Venture • Covers the remaining 28 licence areas held by SEMHKAT • US$25m exploration spend over a 4 year period • Any areas of interest can be spun into a development company in which Mwana will hold a 38% non-dilutable stake • 6 month option over Kibolwe. If option is exercised, additional US$15m committed within the first 12 months after exercise of option. Mwana will hold a 40% non- dilutable stake in Kibolwe 20 Kibolwe • Most advanced of the SEMHKAT concessions where a scoping study is in progress • Located approximately 150 kilometres northwest of Lubumbashi and 86 kilometres southwest of the town of Likasi • Kibolwe is a near surface secondary enriched sediment-hosted stratiform copper deposit hosted by Mines Sub- group rocks • Dominant oxide mineral is malachite with minor amounts of cuprite and tenorite, occurring within weathered argillaceous limestones • Drill programs have outlined near surface, flat lying mineralized units up to 40 metres thick, extending over a strike of 1,500 meters 21 Mwana Highlights Freda Rebecca • Consistent gold production, further plant efficiencies should improve gold recoveries Bindura Nickel • First nickel concentrate sales from Trojan expected Q2 2013 • Trojan resource update expected soon; drilling results to date are positive Zani-Kodo • Current resource 2Moz gold; 3Moz targeted by Q1 2013 • North-East DRC soon to be a coveted new gold province as production commences at several of major projects near Zani-Kodo SEMHKAT • Strong JV partner in the form of Hailiang • Mwana has 38% reimbursable free carry through to production in the Hailiang JV Mwana Group • Perceived geo-political risk in Zimbabwe overplayed • BNC aims to replicate Freda Rebecca’s successful restart and phased production ramp up model • Strong local and international management team with appropriate skill set to deliver project pipeline • Strategic shareholder in CIMGC opens doors to Chinese financing and contacts • EBITDA expected to grow in the near term 22 Appendix 1.1.
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